In the early stages of your business, you are most likely fixated with marketing, growing revenue and becoming a reputable brand. These are all excellent facets of your organization that deserve your focus, but the cornerstone of any business is keeping an accurate track of your cash flow. Perhaps accounting is just not your strong suit; you realize that financials are outside your scope of expertise but hiring an accounting team – or even one CPA – right out of the gate isn’t possible due to financial constraints.
So what is the resolution, especially if your budget is stretched to the limit? Businesses with limited resources are discovering an ideal solution: outsourced accounting functions.
Who would have imagined a decade ago that CPAs would choose long-term projects over full-time employment? Why wouldn’t they want the benefits and security? Yet today, 36% of Americans are actively seeking contract assignments, much to the delight of business owners.
Since the workforce today is more mobile than ever, business should seriously contemplate how automating processes could benefit them. Businesses – from small medium to large – are no longer forced to shift funds around to hire a CFO with Big 4 experience. Nor do they have to settle for someone who has zero experience.
Robust processes and controls enable remote working arrangements.
Even before COVID-19, many companies had already implemented work from home arrangements, which drastically limited face time. With technology making such tremendous advancements, more businesses began to embrace remote work. This opened up new avenues – specifically regarding outsourced services. Now they can retain the services of a CPA – or even a CFO – at a fraction of the cost of hiring them full time. The rapid growth of new businesses across the country has fueled the demand for even more outsourced accountants. CPA firms, like Astute, are filling in the gap, and our experts execute projects for our clients.
The Value of Outsourcing
As businesses begin to leverage outsourced accounting, they are quickly seeing a tremendous cost reduction. This savings can be channeled into other functions which will spur the growth of the business and increase profitability.
By outsourcing, you will no longer be wasting valuable time. Innovation is essential in any business, but if you are spinning your wheels trying to perform every task with no extra help, you won’t have the time or energy to forge ahead.
Outsourcing finance and accounting functions is also beneficial for companies that have been in business. People are naturally reluctant to change their standard operations procedures. Yet changing to keep in step with the trend is vital. Otherwise, your company may grow stagnant. Take a moment to think how technological innovations have changed our lives in the past 10 years. The ones who refused to change are most likely out of business by now.
Some of the benefits of Outsourced CFO services include:
- Projections and Financial Analysis
- Monthly Financial Closing and Reporting
- Professional Financial Statements
- Implement Best Practices
- Tax and Cash Management Planning and Strategy
- Budgeting and Forecasting
Business leaders who realize that things are in a constant state of change are the ones who can get ahead of the competition. They admit that the antiquated ‘this is the way we’ve always done it’ or “have our CPA for many years” motto is not a smart business strategy. This could also mean that things are outdated.
While not every function can be outsourced, accounting systems can be successfully delegated to a professional team. By switching to outsourcing, they can opt for smarter efficient processes and even adopt cloud-based systems. Making this transition will help companies get future-ready for a mobile workforce. Additionally, businesses will no longer be responsible for recruiting, trainings, salaries, benefits, etc. that increases their overhead.
As we move into this decade, we will witness how widespread, and how quickly automation will transform the future of work. Delegating to an outsourced team of experts now will help prepare you for what lies ahead.
Astute is changing the way companies view accounting and finance function.
We have a dynamic team of experts who provide comprehensive outsourcing services for clients across many sectors and industries. We look forward to helping clients overcome and navigate complex business challenges.
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